According to data from the International Energy Agency, China’s oil demand will rise to 11.63 million barrels per day in 2015, and this figure was only 9.16 million barrels in 2010. In this daily consumption of 9.16 million barrels, net oil imports reached 255.255 million tons, an increase of 16.6% year-on-year, an acceleration of 7.6 percentage points from the previous year. In 2010, China’s dependence on foreign oil was as high as 55.7%.
In this context, on October 19th, 2011, RepoSL (Ruoshuo), one of the top ten oil suppliers in the world, the third largest oil supplier in Brazil, and foreign companies with the largest number of oil exploration blocks in Brazil officially held hands in Malaysia. Shunchang, a subsidiary of UMW Group, entered the Chinese market and further expanded the proportion of lubricants in China.
On October 19th, 2011, Pasco Olmos, Executive Chairman of Reposl Europe Market, and Datuk Syed Hisham Syed Wazir, President and CEO of UMW Group, signed a cooperation agreement.
Reposl and Shunchang jointly released the latest brand development plan: Both parties will work together to promote and develop Reposl's professional lubricant brands and top product lines in the Chinese market. Through cooperation with the most professional distributors in China, we have developed the Reposl lubricant distribution network to meet the expectations of high-end consumers. This plan has also become a typical example of this large Spanish oil company's new stage in its international market.
As part of the Repsol international brand expansion plan, the two parties will cooperate for a period of five years. At the end of the contract period, sales are expected to reach 20,000 tons/year, which is equivalent to 25% of Repsol's annual sales in the Spanish region. At present, Repsol has started to produce lubricants at Shunchang's oil refinery in Guangdong Province, and its annual output will reach 50,000 tons. Production of 4L, 20L and 208L products.
Through this agreement, Repsol will sell its lubricant products through UMW’s distributors in more than 60 countries in the Americas, Europe and Asia. Therefore, the company implements local production and sales in Indonesia, Japan, the Philippines and Taiwan. In addition, Repsol's extensive range of advanced technologies produces lubricant products and ancillary products that will also meet the highest quality requirements in the automotive, motorcycle and industrial sectors in these regions.
As a global oil and gas integrated energy company, Repsol has exploration, production, refining and sales operations in more than 30 countries around the world. With more than 40,000 employees in 70 countries around the world, as the largest energy company in Latin America and one of the world’s largest companies with own oil fields, it has become a leader in refining and sales operations in Spain and Argentina in recent years. At present, the annual output of the Repsol oil plant reaches 120,000 tons and the product category exceeds 1,000 items.
As Malaysia's largest investment fund, PNB Holdings, Malaysia's UMW Group, which has a local government background, has an annual turnover of $4 billion. Has been rated as the top five most respected companies in Malaysia. At present, UMW Group wholly owned or participated in the form of shareholding companies and factories in more than 20 countries.
Shunchang Lubricant Co., Ltd. is a foreign-funded company formed by UMW Group Corporation and Hong Kong Dachanghang Group with a combined investment of 170 million yuan. Currently, it has registered and built an advanced lubricants production plant in Jiangmen City, Guangdong Province, China. It has introduced the latest lubricant blending production equipment and canned production lines, and its products are mainly supplied to the Chinese and Asian markets for distribution.
As a result, the Spanish oil giants have taken hold of the Malaysian oil giant, causing the market to pay great attention to Repsol's investment in the Chinese region. However, in 2009, Repsol once said that the company may shrink its overseas investment scale as the financial market shrinks. Affected by this, Repsol's share price once plummeted, and at the same time it triggered strong suspicions about its financial constraints.
The following year, the sudden appearance of Sinopec changed all this doubt. In October 2010, Repsol Company announced that it was reputed to be the most profitable company in Asia. Sinopec Group will purchase 40% of its subsidiary in Brazil for US$7.1 billion to finance Repsol’s exploration projects in Brazil and other regional oil fields. .
After strong capital was settled, Repsol's Brazilian subsidiary also used Sinopec to become one of the largest private energy companies in Latin America with assets worth US$10.7 billion. This takes up enough weight in Sinopec's overseas expansion. Prior to this, Sinopec had obtained oil deposits in Iraq and West Africa at a consideration of about US$8 billion.
After Sinopec took Repsol, Repsol obtained capital needed for the development of oil projects in Brazil by expanding the capital method. Repsol Corporation issued new shares to Sinopec Corp. through targeted additional issuance of new shares. Subsequently, the company’s Brazilian business unit had a market value of 17.8 billion U.S. dollars.
In 2010, China’s net oil exports increased by 16.6%, and crude oil’s foreign dependence exceeded half. In 2011, China’s oil demand continued to grow rapidly again. The data shows that in 2011, the global apparent oil consumption in the country will reach 487 million tons, an increase of 6.2% year-on-year. All other data show rapid growth over the same period.
While the global economy is still recovering, the rapid growth of the domestic oil market has become an important background for oil giants around the world to continue to “settle inâ€.
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